Sirius XM Hires Simpson Thacher As It Eyes Ch. 11

Law360, New York (February 11, 2009, 12:00 AM EST) -- Sirius XM Radio Inc. has reportedly begun preparing a Chapter 11 filing as it faces an impending deadline to pay off $175 million in debt, and has hired Simpson Thacher & Bartlett LLP as bankruptcy counsel.

The New York Times reported Wednesday, citing anonymous sources, that the beleaguered satellite radio company had retained Simpson Thacher partner Mark J. Thompson to prepare the filing and had also hired the restructuring firm Alvarez & Marsal.

Thompson could not be reached to confirm the report. Simpson Thacher advised Sirius...